I noticed in The Age this morning that the Iceland people have rejected by referendum repaying the EU for the bank bad debts. Any further court action will be window dressing unless the UK and EU are prepared to back up any decisions by force and take the money at gun point. What happens when/if Portugal and Greece do the same thing?
Debtors can only be pushed so far before they push back. At present people can't be sold into slavery.
What happens when the pushback really starts with several larger countries? Maybe this is what's needed to clear out the financial system. It would be messy with some innocent colateral damage, but then thats what happens if it comes to s shooting war anyway.
